Stock Analysis: Today’s Top Swing Trade Idea for August 7, 2024 – Uber Technologies (UBER).
Trade Details: On Tuesday, August 6, 2024, Uber Technologies (UBER) stock closed at $64.87. According to the weekly time frame, UBER has been in a strong bullish trend, recently breaking its previous swing high and trading within an ascending channel. However, the daily time frame indicates a shift from a buy trend to a sell trend, and we can see an ascending channel breakout on the chart. The weekly chart shows an internal supply zone, leading us to expect a price drop to the previous swing low level.
Note: If the stock price breaks and closes above $75, this bearish setup is invalid
Sell Swing Trade Idea:-
Sell Entry Range: $64-$70
Stop Loss: $75.70
Target: $50
Note: Always remember: risk no more than 1% per trade.” Keep trailing your stop loss to secure bigger profits.
Please note this is only an opinion and not financial advice.
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